Naples money man Bruce Sherman is said to be putting up $400 million in deal to buy Miami Marlins.
Baseball star and Tampa resident Derek Jeter grabbed the sports headlines earlier this month when he was part of a group of well-heeled individuals who reached an agreement to buy the Miami Marlins.
But while Jeter brings star power — NBA legend Michael Jordan is part of the group, too — Naples resident Bruce Sherman brings his wallet to the deal. Sherman made his fortune in money management, building his Naples firm, Private Capital Management, into a $31 billion powerhouse over 23 years.
Sherman helped launch PCM in 1985, when it was established to manage money for the Collier family. It grew to become a go-to investment spot for high-net-worth individuals, and Sherman was often cited in the business press as a leading value investor, spotting undervalued small- and mid-sized companies before others. He sold PCM to Baltimore-based Legg Mason in 2001 for $1.38 billion. Sherman got out the investment business for good in 2009, after the financial crisis and a big stake in Bear Stearns blemished his successful career.
A prominent figure on the Southwest Florida charity scene, including the Naples Winter Wine Festival, Sherman is also longtime baseball fan. He has held season tickets to the New York Yankees, according to a 2009 Business Observer story. Also, along with retired baseball star Cal Ripken Jr., Sherman was a part owner of the Charlotte Stone Crabs, a minor league affiliate of the Tampa Bay Rays.
The potential deal to buy the Marlins requires approval of 21 of 29 other Major League baseball owners, and a vote could take place in September. The Miami Herald and Fort Lauderdale Sun-Sentinel reported that the sale price for the Marlins is $1.2 billion, with Sherman putting in up to $400 million.